"Apparently, employers are increasing their spending more on the furniture than on the people who sit on the furniture," quipped reporter Avi Salzman at Barron's.
Steelcase earnings of $0.10/share zoomed past expectations for $0.05/share. Revenue of $639 million handily beat $542 million revenue in same quarter last year. Revenues increased 39% in Europe, the Middle East and Africa. In the United States, Canada, and Latin America, revenues increased 23%.
"Customers are responding very well to our insight-led solutions for the interconnected workplace. By staying invested in multiple growth initiatives during the worst of the recession, we established a strong foundation for the revenue growth which occurred across all of our segments again this quarter," said James P. Hackett, Steelcase president and CEO.
"We are at an important intersection. While the broader economic recovery remains challenged by a variety of headwinds, many of our customers are facing the realities of deferred spending during a decade in which various forces are having exponential consequences on their work environments. We believe our research partnerships and insight-led approach to product development and space applications represent a significant competitive advantage for our company."
Herman Miller earnings of $0.30/share bettered expectations of $0.26/share. The company reported net sales in the quarter of $441 million; an increase of 37% from the same quarter last fiscal year. Brian Walker, Chief Executive Officer, stated, "We finished the fiscal year in strong fashion behind continued strength in customer demand and improved operating leverage. Net sales in the quarter marked our fourth consecutive period of double-digit percentage growth and capped the largest full-year sales increase in our company's history. This recovery complements a host of milestones we achieved this year; all of which provide momentum as we begin fiscal 2012.
Both stocks are showing nice gains in an otherwise bear market Thursday.
News categoriesAll News >
Editor Carisha Swanson shares her Swedish furniture fair picks
The huge Italian brand you don’t know yet is coming to LA
Houzz brings trends to life at London pop-up
Why every designer needs these credentialsTrade Shows | 4:44Why every designer needs these...
How the wellness trend is translating to kitchens and bathroomsTrade Shows | 4:00How the wellness trend is...
Ann Feldstein and Jennifer Powell TumpowskyPr marketing
Niki Biszantz VercollonePr marketing
Newel Welcomes The Silver PeacockStore/Showroom Event
Fort Worth Show of Antiques & ArtAntiques Show
Design Bloggers ConferenceIndustry Association Event
Lauren Rottet signs books at Mass Beverly
Helmut Newton exhibit debuts at Guy Regal
Veranda celebrates new issue with Katie Leede
Tag Sale categories
Unusual Chinese bronze vase, mounted & electrifiedlighting
CHARLES AND RAY EAMES ARMCHAIR AND OTTOMANseating
RUSSEL WRIGHT AMERICAN MODERN CUP & SAUCER SETS IN CEDAR GREEN
- In Print